Workhorse Stock – Until the change on Friday, the stock price of Workhorse Group (NASDAQ: WKHS ) has been rising, adding 59% to its value over the past two months.
There is nothing happening in the industry that is driving this price. If anything, the watch sets the mark before its EV rivals catch up and overtake the Workhorse, which is struggling with a host of production issues.
Workhorse Stock
As meme stocks like retailer GameStop Corp. (NYSE: GME ) and more recently AMC Entertainment Holdings (NYSE: AMC ), Workhorse’s stock moves up and down due to sentiment among retail investors, many of whom are borrowing shares betting that the price will fall. . This will allow them to pay off the loans and make a profit.
Workhorse Group Sells Bulk Of Its Stock In Lordstown Motor Corp.
Short sellers held 47.5 million of a total of 126.3 million shares as of May 14. The ratio indicates a negative termination for the stock.
“The recent rally is not supported by the company’s fundamentals or catalysts,” Cowen analyst Jeffrey Osborne said in an investor note on Friday. He cut his “outperform” rating on the stock to “market perform,” which could contribute to the share price reversal. Labor shares closed Friday at $13.05, up 11.65 percent.
Osborne left his price unchanged at $13, but sees near-term threats to Loveland, an Ohio-based company in Class 3 storage space.
“Our view is that the company has 9 to 12 months before the strong competition heats up,” he said, explaining the competition from the electric transformation of Ford (NYSE: F ) Transportation and Delivery before later this year in the EV600 Electric Commercial Van . from General Motors’ (NYSE: GM ) new BrightDrop device.
Why Workhorse Stock Just Popped
Workhorse reported building seven trucks in the first quarter and blamed delivery errors and manufacturing process improvements for another quarter of single-digit production. It also revised its full-year production forecast from its Union City, Ind., plant to 1,000 from 1,800.
“We believe it is imperative that Workhorse meet Q2 and Q3 estimates following the reduction in production guidance from May 21,” Osborne wrote.
However, he said Cowen sees a “strong opportunity” for Workhorse to acquire power in late 2021 and 2022 with its partners, including Canadian Pride Group and Pritchard Cos. vans.
Workhorse is also part of California’s HVIP program, which offers $165 million in rebates to electric vehicle buyers on a first-come, first-served basis. The long-term fulfillment of a 900-unit order from United Parcel Service (NYSE:UPS) has been updated quickly as UPS looks to use HVIP incentives for Workhorse trucks in California.
Workhorse Group Inc Hi Res Stock Photography And Images
Powerhorse shares have been on a whirlwind roller coaster for most of the past year. Shares traded between $2.96 and $42.96 as private investors bet the company will win a multibillion-dollar contract to build the Next Generation Delivery Vehicle (NGDV) for the US Postal Service.
In February, the Postal Service awarded a 10-year contract to Oshkosh Truck Corp. (NYSE: OSK ), a defense contractor better known for fire trucks and military vehicles than delivery trucks. Stunned by its loss, Workhorse appealed to the Postal Service and members of Congress and announced it would sue to win at least part of the NGDV contract.
Meanwhile, investors continue to exit and closed shares of Workhorse, which fell below $8 until recently. Workhorse President Raymond Chess sold 5,000 shares at $8 each, according to a filing with the Securities and Exchange Commission in May.
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Workhorse W 15 4wd Plug In Electric Work Truck Prototype First Drive
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Workhorse Just Got A New Electric Vehicle Order. What It Means For The Stock.
Workhorse extended its June rally to 706% and rose as much as 38% on Tuesday after the electric vehicle maker said it secured $70 million in new financing.
This follows a 56% gain on Monday after the company announced it would be added to the Russell 3000 index.
Workhorse said it has entered into a $70 million senior secured revolving financing agreement with a single institutional investor. According to the company, the proceeds will strengthen its balance sheet and allow it to accelerate the production of its vehicles.
Chief executive Duane Hughes said: “As we enter the second half of the year, we will look to meet our annual service delivery target, which should put us in a strong position to accelerate our ramp-up to production in 2021”.
Best Used Work Trucks For Sale Harrington De
Workhorse develops electric delivery vans aimed at delivery companies such as UPS, FedEx and DHL. The company also operates an aircraft unit that manufactures delivery drones. The company previously developed an electric truck, but abandoned the project after it was too expensive for the company.
In 2019, Workhorse licensed its electric truck technology to its former CEO, Steve Burns. Burns created Lordstown Motors and acquired a General Motors automobile manufacturing plant in Lordstown, Ohio.
Workhorse retains a 10% stake in Lordstown Motors and is slated to receive a royalty fee for each Lordstown Endurance pickup truck sold.
Investor hype around electric vehicles has been fueled by Tesla’s rapid rise above $1,000 and has spilled over to Nikola Motors, which today began accepting 5,000 pre-orders for its Badgerelectric pickup truck. Investor hype was so strong that Nikola’s stock doubled a day after it went public in a rally back earlier this month.
Workhorse Stock Forecast: What To Watch For In 2022 (nasdaq:wkhs)
Workhorse has seen its market capitalization rise from $185 million in early June to $1.26 billion today, according to data from YCharts.com Free Article Join over half a million members and get more guidance and in-depth stock analysis.
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One of the most popular parts of the stock market right now is electric vehicles (EVs). The week started well for two affiliated stocks: Workhorse Group (WKHS 7.95%) and Turtle Stock (SHLL), which rose nearly 47% and another 30%, respectively, on Monday.
Workhorse, which specializes in electric delivery trucks and drones, got a big boost on Monday when it was added to the Russell 3000. Although listed on the stock index, it doesn’t change the nature of the company’s business, it offers legality and does. The stock is a candidate for some of the many index funds that investors love these days.
Why Workhorse Stock Is Falling
Turtle Discovery isn’t technically an electric car manufacturer… or a manufacturer of any kind. Rather, it is a special purpose acquisition company (SPAC) designed to acquire and absorb another business. Fudo’s target is Hyliion, a company specializing in electric truck engines and hybrid electric heavy-duty engines.
Frog had no news of its own to report, but optimism surrounding Workhorse’s Russell 3000 news is fading. Electric vehicles are a growing part of transportation, and both companies are busy carving out their niches.
The hot part always cools down. Excitement for electric vehicles will wane, although the sector has great potential in the future. Investors will expect growth and, at some point, profit, and right now the EV industry is too young and too powerful to achieve that consistently.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a whistleblowing policy.
Workhorse Stock Forecast 2021 Through 2030
3 stocks to avoid this week Why Workhorse shares rise again this morning Why Workhorse Group shares rise on Monday
Calculated from the average return for all share advice since the creation of the Share Adviser service in February 2002. Return as of 05/15/2023.
Calculated from time-weighted returns since 2002.
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Workhorse Books $52 Million Loss On Lordstown Motors’ Stock Investment
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Workhorse Group Shares (WKHS 7.63%)
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